President Trump on Wednesday said the United States is not in a trade war with China – claiming that was lost by his “foolish, or incompetent” predecessors – just hours after Beijing announced it would impose 25 percent tariffs on American goods, including soybeans, automobiles and airplanes.

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” We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S ,” Trump posted on twitter. “Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue! ”

The US said it would put 25 percent duties on Chinese industrial, transportation and medical equipment and information technology.

The US Trade Representative’s Office said those goods benefit from Chinese policies that require companies to turn over technology to Beijing.

China did not say when the tariffs would take effect.

Despite the administration’s reassurances, Chinese analysts warned that while the economic impact of the latest developments in the dispute could be moderate in the short term, concerns were growing about the long-term effects.

“A full-on trade war remains a risk for the global economy, as there is still room for miscalculation from either China or the US,” Chua Han Teng, head of Asian country risk and financial markets at BRI Research, told Hong Kong’s South China Morning Post.

Meanwhile, a number of farm- state GOP lawmakers and American business interests panned the president’s tariffs.

“It’s not fair, and it doesn’t make economic sense,” Sen. Charles Grassley, an Iowa Republican, said in a statement.

“The administration knew that if it imposed tariffs on Chinese goods, China would retaliate against US agriculture. I warned President Trump as much in a White House meeting in February.”